Mortgage Rates Modestly Higher as Risks Increase

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates moved higher today but at a gentler pace than yesterday. In fact, underlying markets managed to hold fairly close to unchanged levels. Today’s rate sheet weakness instead reflects yesterday afternoon’s market weakness. It wasn’t enough for many negative reprices yesterday, so lenders simply adjusted this morning’s rates sheets to account for it. Looked at another way, lenders were getting caught up with weakness that wasn’t quite severe enough to warrant mid-day reprices yesterday. The deterioration puts 4.0% back in the driver’s seat as the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers. 3.875% is still very close. Yesterday, we discussed the fact that further losses were at least an equal possibility and that it didn’t make much sense to bet against…(read more)

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